Elders (ASX:ELD) advises that an unconditional agreement to sell the assets of the SmartFibre joint venture, in which Elders holds a 50% interest, has been executed.

The sale, to an entity associated with the Neville Smith family, for an undisclosed and confidential price, holds no profit and loss significance but is expected to result in net cash proceeds to Elders of approximately $3 million. Settlement is expected in December 2012.

SmartFibre is a hardwood and softwood chip processing and export company established in 2003 and located at Bell Bay in North Eastern Tasmania.

Elders Managing Director Malcolm Jackman said the transaction “demonstrates further progress in the execution of the Forestry Capital Release program announced in October 2011”.